One United Properties (ONE) CMD 2026 summary

Strategy and Future Priorities

• Four strategic pillars: growing net asset value, consolidating rental assets into One Income Properties, scaling into affordable housing, and expanding into the U.S. market through selective partnerships and promote structures.

• Target to double net asset value to EUR 2.5 billion by 2029/2031, with plans to audit and externally validate asset valuations and close the 46%+ market discount.

• Launching One Income Properties as a dividend-focused vehicle, aiming for 7%-8% dividend yield and 3%-5% NAV growth annually, with ambitions to become a leading REIT in Romania.

• Affordable housing platform (One City District) to deliver 3,200 units for 8,000 residents, with plans to expand to other Romanian cities if successful.

• U.S. expansion focuses on high-return residential projects in Nashville and Miami, leveraging partnerships, co-investor promote structures, and targeting 20-30% equity IRRs.

Financial Performance and Guidance

• Total assets grew from EUR 416 million in 2021 to over EUR 1.3 billion in 2024 and EUR 1.24 billion NAV at H1 2026, with a forecast of EUR 2.4 billion by 2031.

• Equity increased from EUR 172 million to EUR 630 million, targeting EUR 1.3 billion by 2031.

• Five-year cumulative net profit reached EUR 440 million; next five-year forecast is EUR 581 million net profit and EUR 2.5 billion turnover, targeting a 24% net margin.

• Liquidity at EUR 71 million as of June, with EUR 445 million in contracted sales to be collected, covering all external debt and matching project funding.

• 2024 net profit guidance revised down by 15%-20% due to legislative and cybersecurity delays, with recovery expected by mid-2027.

Residential Segment Developments

• Residential platform expanded from EUR 0.94 billion GDV in 2021 (Bucharest only) to over EUR 4.5 billion GDV across five Romanian cities and U.S. markets.

• Over EUR 1.05 billion in sales since IPO, with average prices up 24% year-on-year.

• Pipeline includes 10,775 units in planning, 3,939 units under construction, and 2,562 scheduled for delivery in 2024/2026.

• 75% of under-construction units contracted as of June 2026; minimum gross margin per development is 35%.

• Expansion into secondary Romanian cities (Constanța, Iași, Sibiu) driven by market demand and strategic land acquisition.